mortgage balances are shown as home purchase price

Blackplb

I have two mortgages with the same bank one is my home and one is a rental. I am trying to enter them using the add account wizard. Quicken finds the accounts and enters them however it shows the balance on both accounts as the original purchase price of my home in 2014.

Tom Young

It seems like you have to be doing something wrong, or leaving out something in your write up.

If I was setting up a mortgage I would click on Add Account > Offline Account > Loan, then use the Quicken loan wizard to set up the mortgage.  As part of that process YOU have to provide the loan's opening balance, and that's shown as the loans Opening Balance in the loan's register when you're done.

So I can't understand where that number - the purchase price of the home - is coming from.

But, it does sound like you're attempting to set the loans up as downloading loans?  I've never done that since I've never had a mortgage in the era of "downloading" loans, but I assume that with a new loan that opening balance would be coming from the lender?  Is that the source of the bad opening balance number?

There do appear to be more than a few problems associated with downloading loans - a common complaint is that the loan as some point shows up as "paid off" when it isn't - and I don't see much advantage to them as the loan wizard is perfectly capable of properly amortizing most mortgage loans.  If the problem number is actually coming from the lender but you still want to set these up as downloading loans, you might try setting them up first as offline loans.  Then, when you're done, do an Add Account for each loan and then LINK the loans found at the lender to your previously established loan Accounts.